Madhusudhan Masala IPO to open on September 18: check price band, key dates
Madhusudhan Masala IPO: The initial public offering (IPO) of small and medium-sized enterprises (SME) Madhusudhan Masala will open for subscription on Monday, September 21. The homegrown spice manufacturer has set the price band at ₹66 to ₹70 per share for the public issue. The SME IPO will close on Thursday, September 21.
The allotment for the Madhusudan Masala IPO is expected to be finalized on Tuesday, September 26, 2023. Madhusudan Masala IPO will list on NSE SME with the tentative listing date fixed as Tuesday, October 3, 2023. Madhusudhan Masala IPO is a book built issue of ₹23.80 crore.
The IPO issue comprises the sale of 34 lakh fresh equity shares, each with a face value of Rs. 10, aggregating to Rs. 23.80 crore.
The lot size for the IPO is set at 2,000 equity shares, with each lot priced at ₹1,40,000 at the upper end of the price band. The minimum amount of investment required by retail investors is ₹140,000. Retail investors are eligible to apply for a single lot, while non-institutional investors have the option to bid for a minimum of two lots.
Madhusudan Masala has reserved 1.72 lakh equity shares for market maker portions. The company has allocated 50 per cent of the net IPO offer to qualified institutional bidders (QIBs), while 15 per cent of equity shares are reserved for non-institutional investors. Retail investors will have access to the remaining 35 per cent of the offering.
The net proceeds from the IPO will be channeled towards the company's working capital requirements, general corporate purposes, and covering issue-related expenses. Hem Securities Limited is the book running lead manager of the Madhusudan Masala IPO, while Kfin Technologies Limited is the registrar for the issue. The market maker
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